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The secular backdrop for the next five years invites advisers to reverse the typical 60/40 per cent equity and bond asset allocations in portfolios, according to PIMCO fixed income experts.
Many analysts and fund managers have been anticipating that the dollar would fall this year as the Fed starts to cut interest rates, but rate-cut expectations have been trimmed back sharply recently. US elections and geopolitical uncertainty could also lift the currency.
The divergence between key fixed-income benchmarks shows the US economy is on a healthier endogenous growth path compared with Europe
The Pimco International Bond Fund has gained 1.3% this year through April 1, beating its benchmark and most peers, data compiled by Bloomberg show.
Firm says it prefers bond markets in countries such as Australia, Canada and the United Kingdom